Eurasian Development Bank to Provide Loan for New Power Block at Hrazdan Thermal Power Plant

The Eurasian Development Bank will provide a loan of $26 million for the construction of a new power block at the Hrazdan Thermal Power Plant. The agreement has been signed with H Energy Solutions, a member of the Tashir Group of Companies.

The new power block will have a capacity of 50 MW, enabling the production of approximately 400 million kWh of electricity annually. The generated electricity will be directed toward the Armenian energy market, with the possibility of exporting it as well. The plant is expected to be commissioned in mid-2024.

The mission of the Eurasian Development Bank is to promote the development of economic ties between Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. The charter capital of the bank is approximately $7 billion.